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    Canara Bank Personal Loan

    We found 1 Canara Bank Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% Floating
    1,000 to ₹5,000 One time fee
    5 years
    Response Time Within 30 minutes
    What you'll love
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Personal Loan is Rated as "Great!" by 55 Users

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    Promised Interest Rate

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    Canara Bank is an Indian state-owned bank head quartered in Bangalore, Karnataka. Bank has a network of 4600 branches and more than 5500 ATM's spread across India. Canara Bank offer simple Personal Loan Scheme exclusively for the benefit of employees of Corporates, PSUs, Government Departments, Institutions, etc., and also Non salaried class like professional/ self employed.

    You're probably eligible for an Canara Bank Personal Loan if you are


    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Minimum income required
    40% of Gross Salary or Rs.6000/- whichever is higher

    Your Canara Bank Personal Loan amount eligibility is based on these factors


    EMI Limited to about 60% of monthly income

    Maximum allowed personal loan is 6 months of net salary or Rs.3,00,000/-, whichever is less

    EMIs of other loans lower
    your eligibility

    Increase your eligible Canara Bank Personal Loan amount by these steps


    Pay off your credit card bills

    Choose longer tenure loan up to 60 months

    Documentation needed to apply for an Canara Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:
      • Latest Bank statement
      • Latest ITR or Form 16

    Canara Bank Personal Loan Interest RatesUpdated on 29 Apr 2017

    Canara Bank Personal Loan Details
    Interest Rate (Floating) 12.75 %
    Processing Fees 0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/-
    Pre Closure Charges Nil
    Loan Tenure 5 years
    Guarantor Requirement Guarantor required

    About Canara Bank Personal Loan

    Perfect Personal Loan Deals for you

    Headquartered in Bangalore, Canara bank is a state-owned bank. It is one of the oldest banks in India, established in 1906. The bank offers a wide range of products such as home loan, personal loan, business loan, loan against property, educational loan etc. Canara Bank Personal Loan can provide you much-needed funds during a financial crisis. The bank offers Personal Loans to help you fulfil your personal requirements such as financing education, a wedding, meeting sudden medical expenses etc.

    Enquire for Canara Bank Personal Loan

    Mentioned below are three popular personal loans offered by Canara bank:

    1. Canara Budget Personal Loan: Canara budget, a simple personal loan scheme, exclusively offered to corporate employees and government employees to meet genuine personal financing needs.
    2. Canara Teachers Personal Loan: This loan enables teachers to meet their personal financial needs. However, this loan can be availed by both teaching and non - teaching staff working in a school or college.
    3. Canara Consumer Personal Loan: This loan can be availed by salaried persons, businessmen and other professionals.

    Under Canara banks personal finance schemes, you can get personal finance for home improvements, medical expenses and many other such genuine needs.

    Features of Canara Bank Personal Loans

    Canara bank offers personal loans to meet your various personal financial needs. The bank also ensures that the maximum amount of loan is offered to each applicant based on their documentation, requirement, repayment history and CIBIL score. Money borrowed from Canara bank under personal loan schemes can be used as per individual needs. Canara bank personal loans come with the following attractive features:

    • Canara bank offers personal loans for long tenures. You can get loans up to a maximum of 60 months.
    • The bank offers convenient loan repayment options. You can repay loans in monthly instalments based on your convenience.
    • The bank charges nominal pre-enclosure fees.
    • Canara Bank charges low processing fees.
    • You can apply for a Canara Bank personal loan online. Also, online tracking of your application status is available.
    • The bank provides 24/7 customer support to its customers. It helps customers get their queries and doubts resolved online.

    With Canara bank, you can get personal loans for varied requirements such as a wedding, to fund higher education, house renovations etc. The bank maintains an easy documentation process and offers personal loans at affordable rates. Besides, it charges low processing fees. All these benefits make Canara bank the preferred choice of many people to borrow money.

    Personal Loan Eligibility differs from bank to bank and person to person. The basic thing that the banks looks for while sanctioning a personal loan is your repayment capacity. The minimum age requirement to get a personal loan from Canara Bank is 21 years and the maximum is 58 years. Both salaried and self-employed individuals can apply for Canara Bank personal loans up to Rs.3 lakhs. The bank has different eligibility criteria for different personal loan plans.

    Eligibility criteria for the Canara Budget personal loan:

    • This plan is for employed persons.
    • If you are a confirmed employee of a reputed PSU or joint stock company.
    • If you are a confirmed central or state government official.
    • College lecturers, assistant professors, professors, universities and research institutions are also eligible for Canara Bank personal loans.
    • Your salary account has to be with Canara Bank.
    • If you are a salaried employee, your minimum average net take-home salary should not be less than 40% after paying the monthly EMI.

    Similarly the eligibility criteria for the Teachers Loan is as follows:

    • You need to be a confirmed teacher or non-teaching staff working in a school or college.
    • You should hold your salary account with Canara bank.
    • Your monthly take home salary needs to be minimum 30% of the gross salary after EMI deduction, or Rs.10,000 (whichever is greater).

    Canara Banks eligibility criterion for Canara Consumer loan include:

    • Professionals, businessmen and salaried people “ they all can avail this loan.
    • A salaried individuals monthly take home salary needs to be 40% of their gross salary or Rs.6,000 after deducting the EMI for the loan (whichever is higher).
    • In case of professionals and other non-salaried persons, they need to have a minimum yearly net income of Rs.1,50,000 supported by Income Tax Assessment Order (ITAO) or Income Tax Return (ITR).
    • In certain cases, the income of spouse can also be shown to fulfill the Canara Bank Personal Loan Eligibility criteria.
    • For the salaried class, salary needs to be credited with Canara Bank.

    Canara Bank offers attractive rates of interest on its personal loan products “ Canara Teachers Loan and the Canara Budget. The rates of interest offered by the bank are set on the basis of MCLR (Marginal Cost of funds based Lending Rate). MCLR comprises of 4 components, which are marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR).

    Canara Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Following the RBI guidelines, Canara Bank has adopted the MCLR based interest rate, effective from April 1, 2016.

    MCLR Benchmark Tenure (Period)Benchmark Rates (MCLR)
    1 month9.25%
    3 months9.35%
    6 months9.40%
    1 year9.45%

    Personal Loan Interest Rates (MCLR “ time period)

    The rate of interest offered by Canara Bank for its personal loan products is dependent on the tenure of the loan, along with an added percentage over the prevalent MCLR Rate.

    Canara Bank Base Rate & Prime Lending Rates (For existing borrowers)

    All existing borrowers can avail personal loans at the prevailing Base rate. The current Base Rate (BR) offered by the bank is fixed at 9.65%, effective from 7/10/2015.

    Canara Budget LoanCanara Teachers Personal LoanCanara Consumer Personal Loan
    Interest Rate
    • BR + 4.00% = 13.65% (with salary tie-up)
    • BR + 5.00% = 14.65% (without salary tie-up).
    BR + 3.75% = 13.4%BR + 4.25% = 13.9%

    All existing borrowers have the freedom to continue with the Base rate system or shift to the new MCLR based interest rate system.

    Note: The MCLR rates given above are effective as of April 1, 2016. For accurate information on the applicable rates of interest for personal loans, kindly contact the bank prior to application. Interest rates are subject to change with change in MCLR / Base Rate.

    BankBazaar has a very simplified and unique Personal Loan EMI calculator tool using which you can calculate your monthly EMIs. It is accurate and instant which indeed helps the customers to plan their future financial goals as well as adjust the tenure of the loan. With BankBazaar, it is a matter of just one click and your EMI calculation is done. To access this easy Personal Loan EMI Calculator provided by BankBazaar, what you have to do is to type the chosen loan amount, loan tenure, processing fee ( if any) and the rate of interest. Once you fill these details, the EMI calculator will immediately display your monthly EMI liability for that specific personal loan.

    • What personal loan schemes does Canara Bank offer?

      There are different schemes of personal loans offered by Canara Bank. The major ones include Canara Budget, Teachers’ Loan, and Canara Consumer Loan. However, you can also get personal finance from Canara Bank for house renovation, wedding, education, medical expense etc.

    • Am I eligible for Canara Budget personal loan scheme?

      If you are an employed individual, you can avail this loan i.e. if you are a confirmed employee of central or state government, reputed PSUs, corporate companies or a lecture or professor. Besides, your monthly take-home salary should not be less than 40% after EMI deduction.

    • When can I take Canara Budget personal loan?

      You can take this loan when you have some genuine personal needs to be fulfilled.

    • What is the maximum amount of loan that I am eligible for under this Canara Budget plan?

      You can get 6 months' gross salary or Rs.3 lakhs. The higher amount is considered.

    • What is the rate of interest for Canara Budget personal loan?

      The rate of interest is BR (base rate) + 4.00% for the salaried individuals and BR+ 5.00% without salary obligation.

    • What is the processing fee for Canara Budget personal loan?

      You need to pay 0.5% of the loan amount as processing fee. It comes to minimum Rs.1000/- and maximum of Rs.5000/-.

    • Who is eligible for Canara Teacher’s loan?

      This is a personal loan Canara bank offers for the teaching and non-teaching staff of a college or a school.

    • What is the rate of interest for Teacher’s loan?

      The rate of interest is 1% of the loan amount.

    • Can I apply for Canara bank personal loan online?

      Yes, you can apply for this online and track your application status as well.

    • What is the purpose of Canara Consumer loan?

      This is a personal loan Canara Bank offers to meet your real life personal needs.

    • Who can avail Canara Consumer loan?

      This loan can be availed by salaried individuals, businessmen and other professionals.

    • What is the rate of interest for Canara Consumer loan?

      The rate of interest for this loan is base rate + 4.00%.

    • How can I check my Canara Bank personal loan status?

      If you apply through Bankbazaar, BankBazaar itself will help you to track your application status via SMS alerts and Emails.

    • Where do I get Canara bank personal loan application form, if I have to apply for a one?

      You can get it downloaded from the bank’s web site or collect it from the nearest branch. However, instead of doing that if you apply through BankBazaar, the BankBazaar team will take care of it.

    • Can I download my Canara Bank personal loan statement online?

      Yes, you can download your personal loan statement online.

    • Does Canara bank charge personal loan prepayment charges?

      Yes, Canara Bank charges a nominal rate for pre-closing personal loans.

    • How secured am I, if I apply through BankBazaar?

      You are completely secured at BankBazaar. The company values your privacy. Your application directly reaches the lender without the involvement of any third party and your personal information is not shared with anybody else.

    • How do I contact customer care for more details on Canara Bank personal loans?

      Canara bank provides 24/7 customer support except for three national holidays. Or else, you can visit BankBazaar. Our customer-friendly helpdesk will be pleased to help you and answer all your queries related to Canara Bank Personal Loans.

    • What is the main purpose of Canara Bank Personal Loan?

      The main purpose of Canara Bank personal loan is to provide finance for personal expenditures such as a wedding, medical emergency, education, vacations and similar personal expenditures.

    • What are the types of personal loans offered by Canara Bank?

      Canara Bank offers two types of personal loans. Given below are two types of personal loans offered by the bank.

      • Secured personal loan-This type of loan is usually granted to repay existing house loans, renovation of house property and purchase of consumer durables.
      • Unsecured personal loan- The main purpose of unsecured personal loan by Canara Bank is to offer finance for personal expenditures such as marriage expenses, medical expenses, education expenses and other such personal expenses.
    • Who is eligible to apply for Canara Bank Personal Loan?

      Given below is the list of individuals who are eligible to apply for Canara Bank personal loan.

      • Salaried employees
      • Professionals
      • Individuals with high net worth
      • Pensioners who draw regular pension from the bank
      • Retired employees of the bank
      • Staff members
    • What is the minimum and maximum amount one can avail with this personal loan?

      The minimum and maximum loan amount granted for secured loan is Rs. 10,000 and Rs.5 lakh, while the minimum and maximum amount offered for unsecured loan is Rs.10,000 and Rs.10 lakh.

    • Can one apply for the personal loan online?

      One can apply for the personal loan online through the official website of the bank or through a third party financial website.

    • Is there any restriction on the utilization of the personal loan amount?

      There is no such restriction on the utilisation of the personal loan amount as long as the personal expenditure is of a bonafide nature and legal.

    • Does the bank offer Overdraft facility for the personal loan?

      Yes, the bank offers overdraft facility for the personal loan amount. It offers an overdraft limit of maximum up to Rs.1 lakh to confirmed permanent employees of Central, State, Government, Reputed Corporate and PSUs.

    • Why should one choose Canara Bank personal loan?

      There are various reasons as to why one should opt for Canara Bank Personal loan. One of the main reason being the low rate of interest and flexible repayment period. The option of secured and unsecured loans is also one of the main reasons for choosing Canara Bank personal loan.


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